UCI International announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed its plan of reorganization. The confirmation order marks a key milestone in the six-month reorganization process and positions the company for emergence from bankruptcy at year-end.
“UCI is pleased with the outcome of the restructuring process, which significantly de-levers the company and positions the business for future growth,” said Brian Whittman, UCI’s chief restructuring officer. “We thank our employees, customers, suppliers, lenders and bondholders as well as the Official Unsecured Creditors Committee for their support in reaching this successful outcome.”
UCI’s restructuring will reduce the company’s funded debt by approximately $380 million. UCI expects to close on a $120 million asset-based lending facility provided by Wells Fargo Bank, National Association, Citizens Bank, National Association and BMO Harris Bank N.A. upon emergence, to fund plan distributions and the company’s ongoing operations.
Alvarez & Marsal, Moelis & Co. LLC and Sidley Austin LLP advised the UCI on its restructuring. UCI’s principal operating subsidiaries include Airtex Products L.P., ASC Industries Inc. and Champion Laboratories Inc.
